Oil Prices Stopped Falling after JCPOA, Iran’s FM Says

News ID: 1383294 Service: Economy

April, 18, 2017 - 19:03

TEHRAN (Tasnim) – Iranian Foreign Minister Mohammad Javad Zarif praised the efforts to regain the country’s share in the international oil market after the enforcement of the JCPOA, stressing also that the nuclear deal between Iran and world powers stopped falling oil prices.

“After the JCPOA (implementation), with the grace of God and thanks to the efforts made by the managers and personnel of the oil industry, not only Iran managed to regain its share in the global (oil) market, but, through successful oil diplomacy, the falling trend of the prices was also ceased,” Zarif wrote in a post on his Instagram account.

Iran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) reached the Joint Comprehensive Plan of Action in July 2015 and started implementing it in January 2016.

The nuclear deal terminated all nuclear-related sanctions imposed on Iran.

Since then, Iran has strived to boost its production and exports of oil to the pre-sanctions levels.

CEO of the National Iranian Oil Company (NIOC) Ali Kardor said in February that the country’s oil production would surpass 4 million barrels a day by the end of March.

Iran’s production stood at about 3.7 million barrels a day in the last quarter of 2016, according to independent sources used by OPEC.